Executor is the person appointed by the decedent in
the decedent's will to run and manage the estate. "Executrix"
is a term sometimes used for female executors.
Settlor is a person who
makes a trust.
Testator is a person who makes a will; one who dies
leaving a will.
Beneficiary is a person who receives anything
pursuant to the terms of a will.
Estate is the property and assets belonging to the
decedent.
Fiduciary is a person
who acts for another as an agent, executor, trustee. or other similar
position. This person must strictly follow the law, any governing
documents, and the interests of the persons for whom he or she is
acting. A fiduciary owes very high legal duties and is held strictly
liable for failing to meet those duties.
